Canada to own 100 percent of International Bridge

NEWS RELEASE

TONY MARTIN, MP

*************************** Agreements on International Bridge should speed customs plaza project - Martin

Federal Crown Corporation to own bridge

SAULT STE. MARIE - Three recent agreements that have resolved longstanding governance issues of the International Bridge and will transfer ownership wholly to Canada, should speed approval for the $54 million bridge customs plaza expansion, Sault MP Tony Martin said today.

"I am more optimistic than ever about the bridge plaza project with this good news that the St. Mary`s River Bridge Corporation (SMRBC) is about to become a wholly-owned subsidiary of the Federal Bridge Corporation Limited (FBCL) and therefore eligible for funding under the gateways and border crossings infrastructure fund," Martin said.

On May 14, there was approval for an intergovernmental agreement between SMRBC and the Michigan Department of Transportation regarding the management and operation of the bridge that paved the way for the federal crown corporation FBCL to acquire all issued and outstanding shares of the capital stock of St. Mary`s Bridge Corporation.

The federal government owned 91 percent of the bridge and there has been lengthy negotiations involving the State of Michigan to transfer 100 percent ownership to Canada.

On June 11, the 2008-2010 corporate plan for FBCL was also approved.

"Taken together, these three orders in council remove a key obstacle to federal funding for the bridge plaza," Martin said. "The gateway fund covers strategic trade corridors linking to international gateways. Eligible projects include international bridges.”

Since 2006, Martin has pushed for a resolution of the bridge governance problem and plaza expansion.

He attended SMRBC public consultations, met with bridge officials and former Transportation Minister Lawrence Cannon.

Last year, he met with FBCL president Micheline Dube. 

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